HB504
Enact the Calculated Adjustments for Property Surges (CAPS) Act
Summary
The Calculated Adjustments for Property Surges (CAPS) Act allows counties to temporarily exempt a portion of increased property value from taxation following a reappraisal. This applies to real property and qualifying manufactured homes that have seen a significant increase in taxable value. The tax reduction is set at two-thirds for the current tax year and one-third for the following year, with specific procedures for resolution adoption and certification.
Rationale
The bill introduces a temporary tax exemption which may be seen as a government intervention in property rights, conflicting with the LP's emphasis on minimal government interference. However, it does provide some relief to property owners, aligning partially with LPO's support for property rights and limited taxation. The mixed nature of the bill's provisions leads to moderate alignment scores.
Risks and Concerns
- Potential for increased government control over property taxation
- May set a precedent for further tax exemptions that complicate tax systems
- Could lead to unequal treatment of property owners based on county decisions